Eric Smith

JGB Enterprises Inc. — a Liverpool, New York-based hose and fluid power distributor that’s backed by the private equity firm HCI Equity Partners — this week announced it has completed its first add-on acquisition with the addition of Toronto-based Industrial, Petroleum and Mining Supplies Ltd., d/b/a HosePower Canada. Financial terms of the deal weren’t disclosed. […]

Kimball Midwest, a Columbus, Ohio-based industrial distributor, on Wednesday announced it will open its fifth distribution center in the first half of 2022 when it begins operations at a 142,000-square-foot facility in Newtown, Connecticut. The building will sit on 41 acres and allow Kimball Midwest to “provide enhanced service to its customers throughout the northeastern […]

BlackHawk Industrial, Tulsa, Oklahoma, this week announced it has acquired Reliance Supply, a Jacksonville, Florida-based industrial fasteners distributor. Financial terms of the deal weren’t disclosed. BlackHawk said that “by adding the strategic category of industrial fasteners to the company’s product assortment, BlackHawk will now be able to service a broader range of customers while increasing […]

Distributors reacted one of two ways to COVID-19. They either hunkered down and waited for the storm to pass. Or they doubled down on plans that were already in the works and did everything in their power to live up to their “essential business” status. Count Global Industrial Co. as one of the companies that […]

Rexnord Corp. (NYSE: RXN), Milwaukee, Wisconsin, reported sales for the second quarter of $568.3 million, a 26.5% increase over the same period a year ago. The company reported a profit of $73.2 million for the quarter, more than double its profit of $35.6 million in the year-ago quarter. “We delivered a very strong second quarter […]

Bearing manufacturer SKF (STO: SKFA) Goteborg, Sweden, reported sales for the second quarter of SEK 20.7 billion (US$2.4 billion), up 24.9% over the same period a year ago. Sales in EMEA grew 40%, sales in North America grew 27% and sales in APAC grew 19% compared to last year. Operating profit increased grew more than three times […]

Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,598,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. This is 23.3% above the June 2020 rate of 1,296,000 but 5.1% below the revised May rate of 1,683,000. Single-family authorizations […]

Carlisle Cos. Inc. (NYSE:CSL), Scottsdale, Arizona, has agreed to acquire o acquire Henry Co., an El Segundo, California-based provider of building envelope systems, from affiliates of the private equity firm American Securities LLC, for $1.6 billion. The purchase price represents 10.5x Henry’s adjusted EBITDA for the 12 months ending May 31, 2021, when including run-rate cost […]

Ingersoll Rand Inc. (NYSE:IR), Davidson, North Carolina, on Monday confirmed that on June 10, it made an all-cash non-binding proposal to the board of directors of SPX Flow Inc. (NYSE: FLOW) to acquire SPX Flow for $85 per share. The company’s proposal represents a 37% premium over last Friday’s closing price and a premium of […]

Swedish manufacturer Atlas Copco (STO: ATCOA, ATCOB), Nacka, Sweden, reported second-quarter sales of SEK 27.5 billion (US$3.2 billion), a 14% increase over the second quarter of 2020. Profit for the company was SEK 4.6 billion (US$526.8 million), a 46% increase over the prior year. For the first six months, revenue of SEK 53.6 billion (US$6.2 […]

In the last year and a half, distributors have been tasked with a lot — navigate the pandemic, deal with supply chain disruptions, absorb escalating prices and handle lingering labor issues. With so much on their plate, companies simply tried to get by. Another way to look at it: Distributors have been stuck in the […]

Solve Industrial Motion Group, the Charlotte, N.C.-based bearings manufacturer, has been acquired by Audax Private Equity. Financial terms of the deal weren’t disclosed. “This new milestone affirms our strong go-to-market strategy and brand evolution,” said Lisa Mitchell, CEO of Solve. “With Audax’s support, knowledge, and expertise, we hope to drive further global expansion into the […]

Fastenal Co. CEO Dan Florness had a surprising assessment of the sizable dip his company saw in safety sales last quarter. “Frankly, it’s a good thing,” Florness told analysts on Tuesday morning’s conference call to discuss 2Q results. Even though Fastenal’s 38.6% decline in safety sales “resulted in overall flat sales performance from a year-over-year […]

Fastenal Co. (Nasdaq: FAST), Winona, Minnesota, reported second-quarter sales of $1.5 billion, down 0.1% compared with same period a year ago. Quarterly profit was $239.7 million, a 0.4% increase compared to the year-ago period. Sales for the first six months were $2.9 billion, a 1.7% increase compared with the first six months of 2020. Profit […]

EnVista, an Indianapolis-based software, consulting, managed services and automation solutions firm whose customer base includes distributors, on Monday announced the acquisition of systems integrator HCM Systems, Chicago. Financial terms of the deal weren’t disclosed. HCM Systems “specializes in customized, complex and highly integrated conveyor hardware and software, controls, robotics, accessory equipment, installation and systems management […]

Building materials distributor SRS Distribution Inc., McKinney, Texas, announced it has acquired Acorn Roofing Supply, Prairie State Exterior Products and 55 Building Supply, distributors of residential and commercial roofing, siding and other related products. Financial terms of the deal weren’t disclosed. Headquartered in Chicago, Illinois, the three entities are part of one company that was […]

To continue reading this article you must be a paid subscriber. Subscribe to MDM Already Subscribed? Click here to log-in | Forgot your password? • During the last year and a half of the pandemic, Klaus Werner, the CMO for industrial distributor Global Industrial, has spearheaded a rebrand, a website redesign, a heightened focus on […]

To continue reading this article you must be a paid subscriber. Subscribe to MDM Already Subscribed? Click here to log-in | Forgot your password? • Matt Hanlon has been innovating at Canadian-based industrial distributor Source Atlantic since he was in college. Among his many accomplishments: leading the company’s e-commerce initiative in 2019 before the pandemic […]

Based on the latest financial report and acquisition news from MSC Industrial Supply Co., the MRO and industrial distributor has found its groove and has a clear sense of the direction it’s heading. In the fiscal third quarter ended May 29, Melville, New York-based MSC reported sales grew 3.8% to $866.3 million and profit spiked […]

Charles D. Jones Co., a North Kansas City, Missouri-based HVACR distributor, on Friday announced the acquisition of Air Conditioning Utilities, Omaha, Nebraska. Financial terms of the deal weren’t disclosed. Air Conditioning Utilities has been an HVACR distributor since 1934, servicing customers in Nebraska and western Iowa. This acquisition will give employee-owned Charles D. Jones a […]